Will wearable banking be worth it?

Samsung has finally taken the lid off it's over-hyped and, now, poorly received Galaxy Gear smartwatch but you can bet your bitcoins that banks are already well underway in seeing how we can be convinced to log in more often and spend more money though a wearable banking app (in fact a company called StockTwits has already done something similar released watch app for stock information). But is all this really necessary, asks Billy Bambrough

Samsung has finally taken the lid off it’s over-hyped and, now, poorly received Galaxy Gear smartwatch but you can bet your bitcoins that banks are already well underway in seeing how we can be convinced to log in more often and spend more money though a wearable banking app (in fact a company called StockTwits has already done something similar released watch app for stock information). But is all this really necessary, asks Billy Bambrough

Like many when Samsung finally unveiled the Galaxy Gear I was a tad disappointed. It wasn’t just that it only links to the latest Galaxy Note smartphone; it wasn’t just that it won’t get through even one day on a single charge; it wasn’t even that it can’t even function as a stand alone device. I just couldn’t see how it would save me any significant amount of time or energy when my phone is forever in reaching distance.

E-wallet providers, on the other hand, will be barely able to contain their excitement at the prospect of everyone walking around with their credit card strapped to their end of their arm, always hovering just above that contactless POS. Talk about ease of access, this would cut the already mere second long payment time with an e-wallet down to just milliseconds. Not only, that but I can check my balance in less than 20 seconds on my phone. Do I really need to be able to check it in 5 on my watch? Maybe I’m just not as busy as some but to me that doesn’t sound like that big of a deal and certainly not worth forking out $300 for.

The internet revolution has changed the way we bank. Branches are all but a thing of the past and the mobile wallet means I have to spend far less time with small change making it uncomfortable for me to sit down, but do I really need my bank account on my wrist as well as in my pocket? How much time with this actually save?

Wearable banking could well be the future of how we bank but remember, the internet banking revolution has already happened. Everything that has happened since is just the same technology going into smaller packages and being used in slightly different ways. Shouldn’t banks be spending time not on re-inventing the wheel but on making the wheel turn better?